How Important is Networking to Small Businesses?

Saturday, July 1, 2017

Networking is a powerful marketing tactic that has the potential to accelerate any business. Done well, networking can be the key to securing a successful future whether you run a large organisation or a microbusiness. One of the great opportunities that come with choosing to use Liberty as a coworking space or attend an event is the networking opportunities that come with it. Liberty's open areas promote high levels of productivity and facilitate important networking opportunities which can only benefit your business. Here's seven reasons why it's important for you to network.

Establish your business contacts
Networking is a great way to meet people in your industry or simply people also in the business world. You never know what service or business partner you’ll need in the future, and networking lays the foundation for these strategic relationships.

It's not just about who you know, but who knows you
Networking isn’t just about you getting business cards off important and useful business people. It’s also about the other people networking who can discover you. The more relationships you establish and the more businesses you interact with, the more you and your business will become known. This is critical in rising above the noise of all the competing businesses out there and getting into the minds of the business people who may need you.

Relationships are important in success
Your business is important to you, and it’s also the key to your success. Therefore, it’s only fair you do business with people you like and trust. Relationships are important when conducting business, as handling money and assets involves risk, and trusting someone you know and like is much easier than trusting a stranger. Establishing good relationships with the people you are doing business with is important for peace of mind and in more open and effective partnerships you’re more likely to get the results you want.

You might find a potential client
Obviously, (and hopefully) networking could lead you to potential clients. You can’t know when an opportunity will materialise, or what form it will take. However, networking events provide an environment full of business people who are there for the same reasons that you are. By being social your chances of finding future clients or partners are greatly increased.

Raise your profile
A big benefit of networking is being there and being noticed. If you regularly attend networking and social events, you’ll come to be recognised by some of the people also there regularly. Awareness of you and your business is what networking is all about. Coming into contact with many business people and some people multiple times can help build your reputation, establish potential clients and grow awareness of your business.

Market your business at no cost
Finding out what other people do, what their businesses are and how you could benefit from their experience or services isn’t the only thing you should be doing. We’ve already established that’s not just about who you know, but who knows you as well. This is also true in regards to your business. Networking provides a good opportunity to market your business. While talking to someone, don’t be afraid to give a bit of extra information as to what your business is about and what you can do for him or her. Remember, it’s one-on-one advertising and it’s free.

Your net worth is only as good as your network
Your network is what strengthens your business, what helps it grow and what helps it rise above the noise of competitors. Networking allows you to build a community of people who will provide support and information for each other. This will give you an edge over other businesses, as you’ll have up to date knowledge of developments in your field. It can also help you solve a problem you may face, or you might the information that can help them. Two minds are better than one, and the more minds you have thinking of your business, the better it will be.

At Liberty, we understand the importance of networking. Our networking events provide people the opportunity to grow their businesses, and our coworking areas facilitate great productivity and networking conversations as well.

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